Transcript of the above video:

As the title of this video suggests, we are discussing "Self-Insurance". For those who are unaware, we have discussed this at length in other videos. The O-A, I stress the O-A category Retirement Visa is undergoing some changes regulatorily yet again with respect to the requirements associated with both obtaining and maintaining O-A status in the long term.

Starting in the fourth quarter, specifically October 2022 we are going to see the rules change and there is going to be a new requirement for 100,000 Baht insurance. This is general coverage, not just COVID coverage, insurance requirements of 100,000 Baht required for those who are looking to get the O-A Visa. The purpose of this video is there also has been introduced a so-called "self-insurance" option wherein one can put that amount in a bank account. For sure that is being discussed and that looks like it is going to be a hard and fast option where it is possible to put the equivalent of $100,000 in the bank account in addition to the 800,000 Baht required as part of the financial requirement for the O-A Retirement Visa. 

But, and the thing to take away from this video, there seems to be some question as to whether or not property can operate in lieu of actual cash in the bank if you will. I started thinking about this as a result of an article in the Pattaya Mail, pattayamail.com, the article is titled: Self-Insurance for Retirees in Thailand moves a step forward. They are quoting from the Thai Embassy in Norway which seems to be the only place out there that is providing any concrete guidelines as to what this is going to look like come October. I urge those who are watching this video, go check out the Pattaya Mail and check out this article. Quoting directly: "The Norway announcement does not mentioned any alternatives to extra cash when submitting proof of Self-Insurance. It had been suggested earlier that ownership of property at home or abroad or investment in the Thai bond market might also be acceptable but hospitalization usually requires prompt payment strongly suggesting the need for cash on demand." Yeah, I couldn't agree more with the analysis in that article. 

Yeah, the point of this is that you are able to pay hospital bills as and when needed so it seems a little bit counterintuitive to me that they would allow for example property ownership either in Thailand and especially abroad, I find that hard to believe they would ever allow that to meet the requirement. Yeah property ownership is illiquid. You can't immediately turn that into money to go ahead and pay hospital bills and that is the primary policy reason behind these new regulations. So I think it is unlikely we are going to see any major, you never know, I could be wrong but I think it is unlikely property will be able to operate in lieu of cash at least in the foreseeable future with respect to this self-insurance option.